Not all felt is the same. There is wool felt, fur felt and different ways of making felt.
Felt is very common in fishing waders, but fishers spend hours standing and walking around in water. Paddlers don't. NRS stopped marketing their felt booties except for the felt-sole Kicker, which is still available.
Everyone agrees felt wears out quickly and is no good for walking or hiking, and is somewhat of a pain to replace frequently.
Most controversially, felt-soled shoes are now scientifically implicated in the transfer of aquatic invasive species between water bodies, and are proposed to be banned in parts of the world:
Canoe / Kayak Anchors
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